Singapore digital assets trading platform Sparrow secured $4.4 million in its series A funding.
The leading investor is Gain Loyal Pte Ltd., a company focusing on real estate investments in Asia. Gain is an existing investor in the startup.
Kenneth Yeo, CEO of Sparrow, said they are pleased to have Gain Loyal Pte Ltd as their investor.
“This long-term partnership puts us in a great position to boost Sparrow’s competitive edge to serve financial institutions and wealth managers better,” Yeo said in a statement.
With this investment, Sparrow aims to accelerate its business growth by investing in its platform, products, services, and people.
The Series A funding by Gain Loyal Pte Ltd will provide Sparrow an opportunity to attract talent in risk management, trading, technology, and operational excellence.
Sparrow will also improvise its KYC, AML, and CFT regulatory framework and continue to grow its workforce across all its functions.
It will use the funds to create more innovative solutions that bridge the gap between traditional finance and digital assets, whilst raising confidence and trust among clients.
Charles Lim of Gain Loyal Pte Ltd. said they will embrace the same long-term version of accelerating the cryptocurrency industry with Sparrow through relentless enhancement of the platform and cutting-edge solutions.
He added that they are confident that the investment will “create exciting opportunities for investors of digital assets and raise confidence and trust among financial institutions and wealth managers in Singapore”.
Series A funding rounds have generated a total of $9 million with contributions from 100X Group, FinLab EOS, Arrington XRP, Signum Capital, and Du Capital.
Now with cryptocurrencies gaining mainstream acceptance, Sparrow has sought to increase overall user confidence and trust.
As of October 2021, Sparrow generated over $3.5 billion of notional volume through its trading platform and the company had more than $300 million of assets under management.